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17 July 2019

Private Clients Review

Source: ULF

“All I want is compliance with my wishes, after reasonable discussion” — W. Churchill OECD

The skies continue to darken for private clients. The industry is trying to adapt to an unstable regulatory landscape as the global de-offshorization process continues. Regulatory uncertainty generates client interest in specific services such as changing tax residency and dismantling outdated offshore structures. New risks challenge established “one for all” solutions and force private wealth advisers to produce new blueprints.

UKRAINIAN PERSPECTIVE: MIXED FEELINGS

The trend towards currency liberalization in Ukraine continues. The National Bank of Ukraine (NBU) issued more than 2,000 so-called “e-licences” for currency operations in 2018. This represents growth of more than 520% in the last year! Multiple-digit growth is set to continue in 2019.

However, the biggest step toward greater currency freedom was taken by the Ukrainian Parliament on 21 June 2018 by adopting the Law of Ukraine On Currency and Currency Operations (Currency Law).

The Currency Law sets the stage for broad liberalization, cancellation of currency licensing, and removal of outdated rules. It came into effect on 7 February 2019.

The Currency Law does not exclude liability for previous breaches of currency rules. It also reserves the right of the NBU to maintain some restrictions for a period of up to 12 months.

At the beginning of 2019, the NBU published a list of restrictions that will exist temporarily.

Starting from 7 February 2019, individuals are able to:

  • make foreign investments of up to EUR 50,000 per year or transfer this amount to a foreign bank account from a Ukrainian account;
  • exchange currency online.
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